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FHLBNY ADVANCES | 3 Months Ended
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Mar. 31, 2022
FHLBNY ADVANCES |
FHLBNY ADVANCES | ​ 13.FHLBNY ADVANCES The Bank had borrowings from the FHLBNY (“Advances”) totaling $50.0 million and $25.0 million at March 31, 2022 and December 31, 2021, respectively, all of which were fixed rate. The average interest rate on outstanding FHLBNY Advances was 0.76% and 0.35% at March 31, 2022 and December 31, 2021, respectively. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow up to $3.97 billion as of March 31, 2022 and $4.19 billion as of December 31, 2021, and maintained sufficient qualifying collateral, as defined by the FHLBNY. Certain FHLBNY Advances may contain call features that may be exercised by the FHLBNY. At March 31, 2022 there were no callable Advances. The Company’s prepayment penalty expense was recognized as a loss on extinguishment of debt during the three months ended March 31, 2021. The following table is a summary of FHLBNY extinguishments for the periods presented: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
(Dollars in thousands) | ​ | ​ | 2022 | ​ | ​ | 2021 | ​
FHLBNY advances extinguished | ​ | $ | - | ​ | $ | 130,150 | ​
Weighted average rate | ​ | ​ | - | % | ​ | 1.91 | %
Loss on extinguishment of debt | ​ | $ | - | ​ | $ | 1,594 | ​
​ The following tables present the contractual maturities and weighted average interest rates of FHLBNY advances for each of the next five years. There were no FHLBNY advances with an overnight contractual maturity at March 31, 2022 and December 31, 2021. There are no FHLBNY advances with contractual maturities after 2022 at March 31, 2022 and December 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2022 |
(Dollars in thousands) | ​ | ​ | ​ | ​ | Weighted |
Contractual Maturity |  | Amount |  | Average Rate |
2022, fixed rate at rates from 0.75% to 0.77% | ​ | $ | 50,000 |  | 0.76 | %
Total FHLBNY advances | ​ | $ | 50,000 |  | 0.76 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021 |
(Dollars in thousands) | ​ | ​ | ​ | ​ | Weighted |
Contractual Maturity |  | Amount |  | Average Rate |
2022, fixed rate at 0.35% | ​ | $ | 25,000 |  | 0.35 | %
Total FHLBNY advances | ​ | $ | 25,000 |  | 0.35 | %
​ ​

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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